Upstream news

Lukoil has cut its CAPEX guidance for this year to 450 – 500 billion roubles from 550 billion roubles (US$8 billion).

Wood will focus on reducing carbon intensity from its sites, equipment and vehicle use, the increased utilisation of renewable energy sources and more sustainable procurement policies.

The additional work will commence directly after the conclusion of a previously announced contract, and will last approximately two weeks.

The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.

The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.

Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.

The first phase of the exploration period at block 29/11 has been extended to 12 June 2022.

Exploration drilling is anticipated to commence at the Pensacola gas prospect in 2H21 and in 2022 at the Selene gas prospect.

The Semakovskoye field in the Yamal-Nenets Autonomous Area has recoverable gas reserves in excess of 320 billion m3.

KrisEnergy has attributed the suspension to the economic uncertainty generated by the Covid-19 pandemic and the current state of oil prices.